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Fundamental Analysis
Daily Market Analysis by FxGrow
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[QUOTE="FxGrow Support, post: 89966, member: 34135"] [B]Daily Market Analysis – 23rd Sept, 2015[/B] [I]By FxGrow Research & Analysis Team[/I] [B]China manufacturing PMI falls to lowest in more than 6 years[/B] [IMG]http://i1148.photobucket.com/albums/o568/onestore40/china2_zpsz8ymfsg6.png[/IMG] Activity in China's manufacturing sector unexpectedly shrank to a 6½-year low in September, indicating a sharper slowdown in the world's second-largest economy that could spell more turmoil for financial markets. The preliminary Markit China Manufacturing Purchasing Managers' Index (PMI) fell to 47.0 in September, the worst since March 2009 and below market expectations of 47.5 and August's final 47.3. Levels below 50 signify a contraction. Global investors and policymakers are on edge over China after the U.S. central bank last week held off from raising interest rates, saying it was unsure if international problems and China's slowdown in particular, will hurt the U.S. recovery - Reuters. "The weaker-than-expected PMI suggested domestic and external demand remained sluggish. It's almost certain China's economic growth will slide below 7 percent in the second half of this year" - Minsheng Securities. "The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices" - Chief economist at Caixin Insight Group. "Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front. Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness" - Chief economist at Caixin Insight Group. The Asian Development Bank has cut its estimate for China's growth to 6.8 percent for 2015. It expects the growth rate of the world's second largest economy will fall to 6.7 percent in 2016. Mario Draghi, European Central Bank President, will speak on monetary policy before the European Parliament’s Economic and Monetary Committee providing insight into whether the central bank is contemplating expanding its bond buying and if so, when. The Eurozone continues to experience extremely low levels of inflation and unemployment is very high. The UK manufacturing sector growth stalled for the first time in more than two years, with a stronger Pound and weak exports weighing on the sector's margins and volumes. The trade surplus in Switzerland contracted in August, as the strength of the Swiss Franc hit demand in the European Union and China. Crude oil is trading higher at $46.80 as market survey points to fall of crude oil stocks. Gold is trading lower in the Europe at 1127.06, while Silver is up at 14.79 [B][I]23rd Sept 2015 – 09:00hrs GMT[/I][/B] [I]Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/I] [/QUOTE]
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